Nigeria Accounted for 60% of All Startup Investing into Africa in 2021 From the United States

2021 has been a great year for Nigerian startups with the country registering a record number of billion-dollar startups.

This traction has however been of a wider scale, with the US ambassador to Nigeria revealing that Nigerian creators were the recipients of 60% of venture funding from her country into the continent.

Africa-based tech startups have raised more than $2.9 billion in 2021 alone.

“Nigerian startups, which are creating new products, services, and platforms, raised $1.7 billion of this total or about 60% of it. Africa boasts a total of seven tech ‘unicorns’ or companies valued at over $1 billion.”

– Mary Beth Leonard – US Ambassador, Nigeria


SEE ALSO: Africa Startup Funding Breaks Record in 2021, Over $4 Billion, Says Latest Report


The current list of tech organizations valued at over $1 billion include:

  • Jumia – Pan-Africa
  • Flutterwave – Nigeria
  • Wave – Senegal
  • Opay – Nigeria
  • Fawry – Egypt
  • Interswitch – Nigeria
  • Andela – Pan-Africa

The African crypto space has also not been left behind with key crypto startups raising substantial amounts.

Some of these include:

According to a different industry forecast, fund raising by African startups is set to reach $5 billion in 2021, a higher amount than the figure raised in the previous 3 years combined.

The increase in funding is said to reflect greater interest from investors in the U.S., China, as well as institutional bankers.


RECOMMENDED READING: What VCs Look for in African Startups


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